Exchange Invest Weekend Edition 2517: Donetsk’s Welshman
From Syria’s narco state to Good Ol’ Charlie Brown. The Welsh founder of Donetsk. Celebrating 8 billion earthlings & more…
On this day in 1990, the Shanghai Stock Exchange was established.
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.
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DM us to pay 2023 — we’ll invoice you immediately and you need to pay by Dec 1.
Parish Notes
First up I would like to open with an apology. Having been concerned about FTX for some time, we were somewhat in the vanguard of calling its issues and subsequent decline.
We don’t owe FTX an apology but I would like to say sorry to the many Exchange Invest subscribers who have been forced to clean their device screens while reading EI in recent days as our revelations on FTX have proven coffee splutteringly incredible!
The net result is a big question mark over the benefit of an ivy league education — other than the innate sense of superiority as it appears FTX was a frat boy fiasco which defied even the first module of how to run a business 101.
…and sorry if you weren’t a subscriber you missed the good bits this week including the way SBF raised $420 million and then sent $300 million to the Bahamas property market.
Net result, his parents own a des res worth a cool $16.5 million — not bad given each has a salary of $185,000 each as Stanford University professors.
…In case you didn’t know, SBF’s Mother “Barbara Fried, is a tax expert whose scholarship focuses on moral philosophy and “questions of distributive justice.””
Some might say Sequoia, Temasek and all those Ontario teachers who saw their pension funds shaved, can all believe La Fried practised what she preaches in terms of “distributive justice” but we could not possibly comment…
Incidentally Bahamas real estate turnover broadly doubled in Q1 2021 to $400 million. That’s the entire country, not just Nassau/New Providence. It was a record year but even so without the largesse passed through from the investors to SBF et al… Bahamian GDP shows total real estate activity including rents in New Providence to have been $1.3 billion in 2021, $1.8 billion for the entire country of which FTX/SBF et al amounted to $300 million.
In BigWorld
From Exchange Invest 2513: November 22nd, Tuesday:
High correlation items of the world include alcohol consumption and football fans. Others claim a correlation between football fans and subpar intelligence. The latter may have a point noting how many thousands have travelled across the world to watch a Qatari tournament where a pint is apparently the better part of $15 and indeed you can’t even buy a cleansing ale — not even a sponsor Bud — at the stadium.
Key phrases:
“This is awkward…” a masterful piece of SM tweeted by Budweiser as they pondered a $75 million investment with exclusive sale rights at stadia being banned…
“We want beer!” Ecuadorian fans demand more than just ritually humiliating the hosts Qatar in the opening game.\
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY
Season 15: Episode 02: IPO-VID Livestream 086
November 29th: 1800 UK, 1900 CET, 1300 EST
“Balaji Prabhakar: Accelerating The Cloud”
Balaji Prabhakar is CEO & Co-Founder of Clockwork Systems, building time-sensitive software solutions for the cloud computing infrastructure and distributed systems.
Balaji is also VMWare Founders Professor of Computer Science at Stanford University.
Previously, Balaji was Co-Founder & Chief Scientist of Urban Engines — acquired by Google in 2016 — which developed a new type of database, mapping objects in motion.
Watch the stream on:
NOW ONLINE!
Season 15: Episode 01: IPO-VID Livestream 085
November 22nd: 1800 UK, 1900 CET, 1300 EST
“Brendan Bradley: Evolving Markets, Evolving Careers”
Brendan has been in financial markets for 35 years and is one of the world’s finest Product Developers, having played a major role in the development cycles of LIFFE, DTB and EUREX.
In his last major corporate role he was an Executive Board member and Chief Innovation Officer at Eurex (part of Deutsche Boerse Group), where he was responsible for championing and “brokering” new ideas, both internally and externally, and looking for new opportunities within the changing market environment, either organically or through investments, particularly in the related FinTech space.
Actively involved in backing/mentoring/advising FinTech firms, Brendan is an MBA lecturer on FinTech strategy at the University of East London, co-author of FinTech for Dummies and author of ESG Investing for Dummies.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 076: Patrick Young was joined by Team Exberry! CEO and Co-Founder Guy Melamed, and Head of Sales, Magnus Almqvist.
An amazing discussion about a new way to deliver exchange services with a SaaS model, provided you start with software coded for the Cloud as aforethought.
Available in different podcast sources:
EI WEEKLY PODCAST
Checkmate for CHESS
As FTX becomes a fraud which is Fundamentally Tarnished Exchange.
The Exchange Invest Weekly Podcast 171
Victory Or Death
20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
Macro Thoughts
China Tells Local Officials To Take Stock Of Their Idle, Underused State Assets To Alleviate Economic Pains
South China Morning Post
Breaking the Bank in Monte Carlo (Part 7)
Part 1: EI 2451 22nd September 2022
Part 2: EI 2487 22nd October 2022
Part 3: EI 2493 29th November 2022
Part 4: EI 2499 5th November 2022
Part 5: EI 2505 12th November 2022
Part 6: EI 2511 19th November 2022
On the men who broke the bank in Monte Carlo.
And thus all good things come to an end with the tale not of a fraudster but a Scottish industrialist whose family made rather an impact on Britain in subsequent years.
Kenneth Mackenzie Clark won enough on the tables of Monte Carlo to purchase a golf course at Sospel in nearby Menton, France whereupon he constructed a hotel in the grounds.
Clark retired in 1909, at the age of 41 while his son, Baron Kenneth Clark worked rather longer. As a high profile art historian and member of the House of Lords, Clark became a British household name through his TV series “Civilisation,” amongst other appearances. His grandson Allan was a noted diarist and Conservative Minister under Mrs Thatcher.
Of Interest
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
How Syria Became The World’s Most Profitable Narco State
Spectator UK
The Bleak Brilliance Of Peanuts
Spectator UK
Who Is The Real Elvira Nabiullina? : Planet Money
NPR
h/t Jeremy Braithwaite.
How An Iron-Making Welshman Founded Donetsk
Lord Copper
Ignore The Climate Doomsters: We Should Celebrate Our 8 Billion Population
The Spectator
Last Word
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Catch up on Monday for Exchange Invest 2518.
The future continues in the water cooler of the bourse business, Monday…
- Patrick
